Upgraders in Perth have pushed median house prices up while bolstering overall sales numbers, according to the Real Estate Institute of Western Australia (REIWA).
President of the REIWA, David Airey, said the year had finished on a very positive note, with the December quarter being the best quarter of growth and turnover for 2012.
“In fact, turnover for the month of December itself was the best result since December 2005,” Mr Airey said.
According to preliminary data gathered by reiwa.com, Perth’s median house price grew by around three per cent in the December quarter, lifting it from $480,000 in the September quarter to $495,000 at the end of last year.
Mr Airey said the lift in median price could be attributed to a significant increase in higher priced properties that changed hands through trade-up buyers.
“Overall sales increased by four per cent in the quarter with increased activity in the higher price ranges.
“We have recorded more activity in the $600,000 to $700,000 range, as well as with homes over $800,000.
“Strong activity was recorded in the western suburbs, where sales jumped by an exceptional 57 per cent on the September quarter.”
The REIWA data indicate that buyers switched to more expensive units, apartments, villas and townhouses.
“While turnover in this section of the market dropped off for dwellings under $350,000, there was a marked increase in sales within the $350,000 to $400,000 range,” Mr Airey said.